Research Update: Credendo ECA Outlook Revised To Negative After Same Action On Belgium; 'AA' Ratings Affirmed

On April 25, 2025, we revised our outlook on Belgium to negative from stable and affirmed the unsolicited 'AA/A-1+' sovereign ratings. Delcredere/Ducroire (Credendo ECA) plays a critical role for and has an integral link with the Belgian government, as its export credit agency. Credendo ECA benefits from a legally binding guarantee from the Belgian government for its obligations. We have therefore revised our outlook on Credendo ECA to negative from stable and affirmed the 'AA' ratings. The negative outlook on Credendo ECA mirrors that on Belgium. The outlook change on Credendo ECA has no impact on the ratings on its subsidiaries: Credendo – Trade Credit Insurance (Credendo TCI), and Credendo - Guarantees&Speciality Risks (Credendo GSR). On April 30,

...- On April 25, 2025, we revised our outlook on Belgium to negative from stable and affirmed the unsolicited '##/A-1+' sovereign ratings. - Delcredere/Ducroire (Credendo ECA) plays a critical role for and has an integral link with the Belgian government, as its export credit agency. - Credendo ECA benefits from a legally binding guarantee from the Belgian government for its obligations. - We have therefore revised our outlook on Credendo ECA to negative from stable and affirmed the '##' ratings. - The negative outlook on Credendo ECA mirrors that on Belgium. - The outlook change on Credendo ECA has no impact on the ratings on its subsidiaries: Credendo ¡ Trade Credit Insurance (Credendo TCI), and Credendo - Guarantees & Speciality Risks (Credendo GSR)....

Research Update